Naspers spin-off Prosus has raised its bid for UK food delivery firm Just Eat as it tries to win over investors and beat out an offer from rival Takeaway.com.
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Naspers unlocked about R150-billion of value for shareholders through the separate listing of its Internet businesses, and with that done is now focusing on bulking up in online food deliveries.
Takeaway.com CEO Jitse Groen said it doesn’t make sense to overpay in its bid to gain control of rival Just Eat as it battles Naspers Internet spin-off Prosus, which officially filed its hostile offer for Just Eat on Monday.
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Prosus has been accused of “selling down” and trying to depress the share price of its rival Takeaway.com in the fight to gain control of Just Eat.
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Prosus may be a bit late with its offer to buy Just Eat: Takeaway.com and Just Eat announced their proposed transaction at the beginning of August and have already published a schedule of events to finalise it.
Naspers spin-off, Netherlands-listed Prosus, is making an audacious, R93.5-billion hostile bid to buy London-listed Just Eat.
Tuesday’s dramatic hostile counter-bid for the British Internet takeout company Just Eat arrived almost fully baked. But the new offer isn’t that tempting – it needs a big dollop of dessert to make it irresistible.